Geico Jewelry Insurance, offered through its GEICO Insurance Agency provides customers with high-end jewelry and other heirlooms peace of mind. This coverage comes from Jewelers Mutual Insurance Group. It offers flexibility to select your own jeweler and file claims quickly and easily, as well as worldwide travel insurance.
Most homeowners and renters insurance policies cover jewelry as part of the personal property coverage (alongside clothes, furniture, and other items). However, this may not be sufficient to protect some pieces. GEICO knows that some jewelry owners and wearers need more specialized coverage.
GEICO’s jewelry coverage is a separate, standalone policy that covers all the value of a jewel or your entire collection. You don't need to pay a deductible or get an appraisal upfront. Generally, it costs between 1-2% of a piece's total value per year to cover.
Most renters and homeowners policies cover loss or damage to jewelry, up until a certain amount. This limit is usually $1,000-$5,000. This may not be sufficient to cover you in the event of a catastrophe, such as losing your jewelry during a flood or an earthquake.
A specialized insurance plan that replaces your most valuable jewelry with pieces of comparable value is the best way to avoid paying for it out of your own pocket. Spending a bit extra each month could mean saving you a lot over time.
A good policy that covers all types of loss will also cover thefts and disappearances. This is important, as most losses fall into this category.
When you are considering a jewelry insurance policy, it's important to know what coverage is provided, how much the policy costs, and how the claims process works. After you've completed this step, you can get a quote to determine which insurer will be best for you.
GemShield
GemShield had the simplest and fastest online application of all providers we tested. Enter the ZIP code of your home and your estimated ring value. Then choose between $0 or $1,000 as your deductible.
BriteCo
BriteCo's jewelry insurance is available with a rating of A+ from AM Best, and has received excellent reviews across sites such as Google and Facebook. There are no upfront appraisal or deductibles required. You can choose to pay monthly or annually.
Lavalier
According to your risk tolerance, you can purchase a jewelry coverage policy with a limit of up to $100,000 per item. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
Choose a replacement policy to have your jewelry repaired or replaced with similar items. It is better to choose the latter if you don't have high-value jewelry or if you do not want an appraisal.
It is also possible to buy a standalone policy which offers jewelry coverage in addition to the homeowners insurance. This type of insurance will not increase your homeowners' rates.